Insider Selling: Carpenter Technology (NYSE:CRS) Director Sells $215,999.70 in Stock

Carpenter Technology Corporation (NYSE:CRS) Director Ramin Younessi sold 438 shares of Carpenter Technology stock in a transaction on Friday, August 21st. The stock was sold at an average price of $493.15, for a total transaction of $215,999.70. Following the completion of the transaction, the director directly owned 1,953 shares in the company, valued at approximately $963,121.95. The trade was a 18.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Carpenter Technology Trading Up 1.4%

Shares of CRS opened at $490.70 on Friday. The stock has a market capitalization of $24.32 billion, a P/E ratio of 46.64, a PEG ratio of 1.74 and a beta of 1.25. The company has a quick ratio of 2.23, a current ratio of 3.81 and a debt-to-equity ratio of 0.31. The firm has a fifty day simple moving average of $559.87 and a two-hundred day simple moving average of $473.59. Carpenter Technology Corporation has a twelve month low of $228.00 and a twelve month high of $625.98.

Carpenter Technology (NYSE:CRS) last announced its quarterly earnings results on Thursday, July 30th. The basic materials company reported $3.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.09 by $0.14. Carpenter Technology had a net margin of 16.96% and a return on equity of 26.46%. The business had revenue of $679.70 million for the quarter, compared to analyst estimates of $863.33 million. During the same quarter last year, the firm earned $2.21 EPS. The company’s revenue was up 12.6% on a year-over-year basis. On average, research analysts anticipate that Carpenter Technology Corporation will post 13.08 EPS for the current year.

Carpenter Technology Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 3rd. Investors of record on Tuesday, August 25th will be issued a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date is Tuesday, August 25th. Carpenter Technology’s payout ratio is currently 7.60%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. California State Teachers Retirement System boosted its position in shares of Carpenter Technology by 58,677.5% during the second quarter. California State Teachers Retirement System now owns 33,892,274 shares of the basic materials company’s stock valued at $20,906,110,000 after purchasing an additional 33,834,612 shares in the last quarter. BlackRock Inc. bought a new position in Carpenter Technology in the second quarter worth $3,834,623,000. Jennison Associates LLC bought a new position in Carpenter Technology in the first quarter worth $317,411,000. SurgoCap Partners LP purchased a new position in Carpenter Technology during the second quarter valued at $423,444,000. Finally, Sands Capital Management LLC purchased a new position in Carpenter Technology during the fourth quarter valued at $195,731,000. Hedge funds and other institutional investors own 92.03% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on CRS shares. KeyCorp cut their price objective on Carpenter Technology from $644.00 to $608.00 and set an “overweight” rating on the stock in a research report on Monday, August 3rd. TD Cowen raised their price target on Carpenter Technology from $470.00 to $650.00 and gave the stock a “buy” rating in a research note on Monday, July 13th. Wells Fargo & Company raised their price target on Carpenter Technology from $425.00 to $540.00 and gave the stock an “equal weight” rating in a research note on Tuesday, August 4th. JPMorgan Chase & Co. reduced their price objective on shares of Carpenter Technology from $705.00 to $700.00 and set an “overweight” rating on the stock in a research report on Friday, July 31st. Finally, Weiss Ratings lowered shares of Carpenter Technology from a “buy (b+)” rating to a “buy (b)” rating in a report on Wednesday, June 3rd. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $577.25.

Carpenter Technology Company Profile

Carpenter Technology Corporation engages in the manufacture, fabrication, and distribution of specialty metals in the United States, Europe, the Asia Pacific, Mexico, Canada, and internationally. It operates in two segments, Specialty Alloys Operations and Performance Engineered Products. The company offers specialty alloys, including titanium alloys, powder metals, stainless steels, alloy steels, and tool steels, as well as additives, and metal powders and parts. It serves to aerospace, defense, medical, transportation, energy, industrial, and consumer markets.